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RBI to launch pilot project on financial literacy

The Reserve Bank of India is expected to launch a financial literacy drive in 80 blocks in 9 states on pilot basis to educate people on e-transactions, formal sector borrowings and insurance purchases. Six NGOs registered with the Depositor Education and Awareness Fund – CRISIL Foundation, Dhan Foundation, Swadhaar Fin Access, Indian School of Micro Finance for Women (ISMW), Samarpit and the PACE Foundation – have been selected to execute the pilot project in collaboration with banks. RBI said it is initiating the project at the block level to explore innovative and participatory approaches to financial literacy. The pilot project will be commissioned in 9 states of Maharashtra, Chhattisgarh, Bihar, Odisha, Karnataka, Telangana, Andhra Pradesh, Haryana and Uttar Pradesh across 80 blocks by the 6 NGOs in collaboration with the sponsor banks. The total cost of the pilot project over a period of three years is Rs 18.40 crore.

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